Shopify Inc. $SHOP Stock Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.3% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,734,926 shares of the software maker’s stock after selling 5,126 shares during the period. Pictet Asset Management Holding SA owned 0.13% of Shopify worth $257,458,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Swiss National Bank grew its position in shares of Shopify by 27.0% in the first quarter. Swiss National Bank now owns 4,115,300 shares of the software maker’s stock valued at $487,580,000 after purchasing an additional 876,100 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in Shopify in the third quarter valued at $102,751,000. The Manufacturers Life Insurance Company increased its stake in Shopify by 8.5% in the first quarter. The Manufacturers Life Insurance Company now owns 8,418,903 shares of the software maker’s stock valued at $998,137,000 after purchasing an additional 660,198 shares during the last quarter. Bank of Nova Scotia lifted its position in Shopify by 24.2% during the first quarter. Bank of Nova Scotia now owns 3,196,004 shares of the software maker’s stock worth $379,111,000 after buying an additional 621,893 shares during the period. Finally, Nykredit A S purchased a new position in Shopify during the second quarter worth about $41,959,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Analyst Ratings Changes

A number of brokerages have issued reports on SHOP. UBS Group raised their price target on Shopify from $145.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday. Robert W. Baird upped their price objective on shares of Shopify from $160.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, October 14th. Stifel Nicolaus set a $210.00 price objective on shares of Shopify and gave the stock a “buy” rating in a report on Wednesday, October 14th. Mizuho set a $180.00 price objective on shares of Shopify in a report on Thursday, September 24th. Finally, Canaccord Genuity Group set a $180.00 target price on shares of Shopify and gave the stock a “buy” rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $178.82.

Shopify Trading Up 3.6%

Shares of SHOP opened at $148.91 on Friday. The firm has a market capitalization of $191.59 billion, a P/E ratio of 90.80, a price-to-earnings-growth ratio of 3.01 and a beta of 2.65. The stock’s fifty day simple moving average is $152.51 and its 200 day simple moving average is $130.07. Shopify Inc. has a twelve month low of $94.00 and a twelve month high of $180.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Tuesday, November 3rd. The software maker reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. Shopify had a return on equity of 14.03% and a net margin of 15.01%. The firm had revenue of $3.74 billion during the quarter. During the same period last year, the firm posted $0.34 EPS. Shopify’s revenue was up 31.6% on a year-over-year basis. Sell-side analysts predict that Shopify Inc. will post 1.47 earnings per share for the current year.

About Shopify

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.